AMP chair Catherine Brenner resigns

The chair of financial services giant AMP, Catherine Brenner, has resigned from her $660,00-a-year role, the latest casualty from the unfolding scandals uncovered by the banking royal commission.

Australia’s largest wealth manager will also strip directors of 25% of their fees for the rest of the year. AMP’s general counsel, Brian Salter, is also leaving, and the company has warned there will be “employment and remuneration” consequences for others involved in the fees-for-no-service scam.

Malcolm Turnbull said he thought Brenner had made the right call, and said more generally that directors must be accountable for wrongdoing.

“They have got to take responsibility for what has gone on and make the appropriate steps,” Turnbull said. “In some cases that has involved people stepping down or retiring or resigning.”

The board held a crisis meeting on Sundayamid speculationthat Brenner was to be asked to stand down.